How to avoid over expenses and have discipline

[el kaka22]

This is something I do not really achieve neither, I spend way too much and it results with nothing good for me, obviously it is not going to end up being anything good for me in the end and I should be avoiding it as much as I possibly could, but that doesn't really change anything for me, it just results with something normal.

This is why I believe that we need to end up with a good result one way or another, it should be important and it should be considered a great result. Obviously that doesn't mean that we are going to end up with success all the time, but we should be considering that as an option if we can, and it should be a good thing to just even give it a try, because even if you fail, at least you tried.

[livingfree]

This is something I do not really achieve neither, I spend way too much and it results with nothing good for me, obviously it is not going to end up being anything good for me in the end and I should be avoiding it as much as I possibly could, but that doesn't really change anything for me, it just results with something normal.

I think that if you're still doing good even with that habit, you will not be problematic with that but it's good that you're aware that you're spending too much. Sooner or later, you'll realize that there's a need for you to adjust with your spending habit not unless it's not really affecting you that much.

This is why I believe that we need to end up with a good result one way or another, it should be important and it should be considered a great result. Obviously that doesn't mean that we are going to end up with success all the time, but we should be considering that as an option if we can, and it should be a good thing to just even give it a try, because even if you fail, at least you tried.

Right, if you don't do anything and you're ending up with a bad result then that's something that you need to acknowledge. And even it's hard at the beginning to make up things right like in savings or overspending.

You have to try all the methods that you know that must be applied for your own sake.

[lousie9]

5. Set a budget
            Allocate a limit on expenses, know all areas of expenses from food, rent, electricity, water, shopping and other things related to spending. Once you set all of your spending limits, make sure to follow them and do it because everything will be ignored if you don't do it.

For me this point is one of the basic or most important things we have to do to overcome excessive spending, namely by setting a budget for our needs or expenses.
Unfortunately, in my opinion this is sometimes very trivial for some people because maybe they feel it will make it difficult for themselves because they have to make detailed notes, even though if we don't make a record of our spending budget then our money will definitely run out quickly because we don't have clear goals obviously to spend the money or income that we have.
In my opinion, by making clear and detailed budget allocations, we can actually make it easier for ourselves to know and control our expenses, and we can control overly consumptive lifestyle desires, or we can say we buy things we don't really need.

[Iroh]

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

[xSkylarx]

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

We get carried away sometimes when we are happy, excited, or sad, which is why we have the urge to buy it off even if we don't need it. That is why implementing the 24 hour rule really eliminates those urges to buy it off, and now that most people have the cash on hand to pay it off, they can pay it off later as there are shopping apps right now that let you borrow money and pay it off on a monthly basis, which is why people are really tempted.

[Wimex]

Totally agree with you spending more than expected can be very stressful and sometimes even frustrating... I dealt a lot with this problem, I would even say that there are times when spending more gets out of control, personally it has happened to me when unforeseen events occur, either Whether a family member is sick or something has occurred that requires more spending, the OP advice to develop a smart spending habit is very accurate. In particular, I'd say it's essential to carefully plan for day to day expenses and take all factors into account, such as the number of people you're shopping for and any associated costs, such as gas... Avoiding unnecessary purchases and being conscious of spending essentially helps to avoid going over budget...As well as setting clear limits for each category of spending and then sticking to them is really essential to maintaining a successful budget...I always try to keep self control and discipline is complicated in some situations, but it is the key to not exceed those limits and maintain financial balance.

[dothebeats]

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

I agree, and yes it is true. The 24 hours (or more) you spend wondering and making realizations regarding the product/service you are thinking of purchasing really helps you decide on whether or not it is worth purchasing or not. Most often than not, we things we buy on a whim just end up not giving any value to us, after a few days of use we get tired of it and that's when we realize that we just wasted a good amount for something that did not provide much use to us.

[benalexis12]

As for me, I create a budget plan monthly to avoid over-expenses. First, I list all my expenses, including bills, groceries, and any other costs incurring regularly. Then I also monitor and track my expenses to ensure I stay within budget. I try to avoid impulse purchases and unnecessary expenses by planning ahead and sticking to my budget.

I also always plan for daily and monthly budget. It is surely to avoid excessive spending. When we already set a maximum budget to spend daily or monthly, we must commit to apply it whatever the reason is (except for an urgent needs). Monitoring and tracking our spending should be done in daily basis, so we can evaluate it soon if there is something wrong on it. Those unnecessary spending must be avoided, we never tolerate unplanned spending.

The most important is to have discipline OP, list are really what everyone needs to do spot-on but, without discipline even if you list all the things that you need, but you can't control your emotions or habit, it will happen over and over, the best example is the person I know, he got 2 jobs all paying good but his expenses are over the limit combine with his two jobs, every time he is short he always say he will save and don't spend the money on things he don't need, but when salary comes same scenario, so without discipline every planning and promise is useless, thanks OP for your topic.

Indeed. To implement the lists, we have to be discipline and committed. Whatever we list to deal with over expanses, won't work successfully if we can't be discipline and committed. It is not easy to reduce the number of expanses if someone got used to it. But with a strong intention and committed to have a better financial management, it is possible to apply all the lists above.

What you said is true and right, that's the purpose of this topic, that other people can be educated about unnecessary things so that we don't end up spending too much in our daily life for a month. This is not easy to do in the real life of the individual.
But if we have self-discipline, it will not be difficult in reality but it can be easily implemented in real life. so whatever is listed that op said will really help.

[ancafe]

People who are wise in using their finances will definitely prioritize their basic needs first before buying other luxury items that they may not have the time to use yet. Moreover, if he is very aware that making money is very difficult in conditions like now, of course he will learn to be frugal in all aspects and especially in the aspect of spending money for his daily food. Because it is something that cannot be postponed (unless he is willing to starve his body) which will eventually get sick, so basic needs are the first consideration for people who want to use money more sparingly and also wisely in life.

Buying luxury items is a lifestyle fulfillment and it is not a necessity that must be achieved by everyone. Prioritizing something that is more important is far more beneficial because when we are faced with an unstable financial condition, we are no longer talking about fulfilling a lifestyle, but rather trying to fulfill something that is needed, including basic needs to support our lives. Saving should not only be done when economic conditions are unstable, but a lifestyle like that should be adopted by many people under any circumstances, both those with lower middle incomes and those with lower middle incomes.

Because we never know what will happen in the future and the worst scenario is when our source of income is unstable or in other words at work we experience layoffs. An intelligent person must think about the future in actions and behavior to support himself and his family because we cannot predict how our lives will be in the future, so we need to prepare steps for this problem.

Those who have above average income have also learned to save a lot, because they also don't know what the world's economic condition will be in the future, so they also don't want to waste every day. And everyone has also realized that wastage is a very bad thing even though they have more income than other freelancers, because in the end they will also experience difficulties when they continue to spend money more extravagantly through life.

The portion of savings should be placed with a certain percentage because if all of the income we have is in savings, the productivity of money will not increase. We recommend using a percentage or placing it in several places such as investing or running a business so that the money we have is more productive and does not settle. The method can be adapted to the ability of someone who is able to be responsible, whether utilizing business, investment or other things that are considered more productive.

[slapper]

This is something I do not really achieve neither, I spend way too much and it results with nothing good for me, obviously it is not going to end up being anything good for me in the end and I should be avoiding it as much as I possibly could, but that doesn't really change anything for me, it just results with something normal.

This is why I believe that we need to end up with a good result one way or another, it should be important and it should be considered a great result. Obviously that doesn't mean that we are going to end up with success all the time, but we should be considering that as an option if we can, and it should be a good thing to just even give it a try, because even if you fail, at least you tried.

You're right; spending recklessly without any strategy is a disaster waiting to hapen. But let me tell you something - just realizing it doesn't make you special. The world doesn't care about what you should do; it cares about what you DO

Thank you for your cute piece of advice about "at least you tried." That's the talk of the also-rans. Winning is the only option! The world of Bitcoin, finance, business, and life - it's ruthless! If you're not prepared to dominate, don't even step onto the playing field

Considering success as "an option" is the thinking of the weak. To the victor go the spoils, and that victor needs to be aggressive, relentless, and always ten steps ahead. So, yes, give it a try, but know this: Trying isn't enough. Dominate or be dominated

[bayu7adi]

Perhaps this isn't on your list, but it holds immense significance for me – the art of shaping Financial Objectives.

Frequently, we stash away funds devoid of a distinct purpose, save for the simple notion of accumulating wealth. Yet, it would prove wiser to harbor a robust rationale behind every savings endeavor. Once your objectives are vividly outlined, like say, amassing funds to purchase a home outright, eschewing installment plans, that's where your commitment gains its mettle.

There's no need for grandeur in these aims; commence with the minutiae. Begin by stowing away for a novel musical instrument, a conduit for your passion, or any other commendable aspiration.

[Kasabus]

4. Make the 24 hour rule
             This rule helped me when I was building in this way. Because when I want to buy something, I put it off for 24 hours, and during this time I learn how to assess these things. Usually the excitement we experience disappears immediately after a few hours. You imagine the sacrifices you will make when you accomplish them. Like the small savings you have or sometimes we will even borrow the money we will use here. At least in this way we can avoid impulsive buying or bursts of emotion.

This is really the strategy I am using right now because it is really working when you have the urge to buy, mostly right now that we can buy using our phones and are mostly easily tempted, like right now new phones and other stuff that you found nice, which again we know is not needed, but because we can't control ourselves when we buy, we have like 24 to 48 hours to know if you still need it or want it.

I can also say that this strategy is really useful. Instead of spending my money, I end up saving it. However, this is only applicable when talking about your wants, but if you tend to buy your basic necessity, you will have no choice but to spend your money so you can have what you need. Still, spending within your budget and having some financial discipline are a must. Otherwise, you end up overspending and start taking personal debt just to provide your basic needs.

[sunsilk]

I agree with all that you've mentioned and it all sums up that everyone has to live with their means. Because the typical person today that lacks priorities are living beyond their means and they can't take.

It's not par with the salary and income that they're getting but, the lifestyle inflation that they have is enormous and coming to the point that they cannot sustain it anymore.

All that you've said can also be prioritized depending on the person but it's not always a priority that should be set. Like in traveling, it's like a once a month or two depending on how often the person travels.

The fact that today's economic conditions are getting worse every day requires us to pay more attention to our own economy.
- Creating our list of needs
- Avoiding unnecessary expenditures
- Not spending on luxury
- We can do many things, such as taking notes on our spending and organizing it. Everybody is responsible for their own finances, but often similar expenditures are made. There are similar expenses in society that are unnecessary but that many people do. Avoiding these expenses can also benefit us.

Yeah, it all comes down to take notes everything from the bills, to food and necessities and to the other things that we're spending our money. Just break down everything to see on which part of it you should add or less more.

There are some of it that we can't avoid in spending and that's why if someone can't avoid in lessening the budget from any of those. The mere solution is just to increase your source of income and your cash flow.

[Inwestour]

I can also say that this strategy is really useful. Instead of spending my money, I end up saving it. However, this is only applicable when talking about your wants, but if you tend to buy your basic necessity, you will have no choice but to spend your money so you can have what you need. Still, spending within your budget and having some financial discipline are a must. Otherwise, you end up overspending and start taking personal debt just to provide your basic needs.

These are the qualities that successful people should have, you just have to be able to manage money, then you can allocate finances and you will see how much you need for a comfortable life.

Based on this, you will understand how much you need to earn so that you can save at least 10% of your earnings, but you must also strive to increase your earnings. This is what will allow you to create capital that you can invest and that can eventually bring you an income that will provide you with financial independence. Everything seems to be simple, but people often lack the disciplin for this.

[Juse14]

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

It's wise if we buy what we need, not what we want.
But I don't think everyone can do this because it is very difficult to do. However, if we can respect the decisions we have made to be wiser in allocating finances, this will be easier to do.

I personally haven't been able to fully do that, sometimes if I go to the supermarket or look at the online Shop when I want to buy the things I need there are always useless items that go into the basket.

[cheezcarls]

Isn't it stressful when we spend more than expected, right? especially if we follow a budget, having a smart spending habit is a good way to avoid such situations or events.

1. Make a realistic budget
           In budgeting it is important that we consider everything. It should be realistic and achievable, It cannot be said that the budget is only 20$ for a week for food if you are 8 people who will eat at home. Plan what to eat every day and budget for it. Write down all the ingredients or how much to buy and how much it will cost in pmashae or gasoline if there is a car. Do everything with consideration and do it consistently.
Stop yourself from buying things you don't need, like buying coffee at starbucks when you can just buy 3 in 1 sachet coffee that just tastes like coffee. Because if we cannot prevent such expenses, include them in the budget.

2. Find out what triggers the cost
            It's important that we know this if it's stress, boredom, pressure from friends, need to follow the trend and so on. It is important that we have discipline in these things if you want to avoid overspending. For example, if you're bored, you hang out online shopping at Lazada, Amazon, and others, this habit should be replaced with something more productive, such as cleaning the house and others where you can avoid it and do something good.

3. Break down luxury expenses
             Try to list the things you have spent and separate the luxury and the things you have spent. It is important that you know what is really needed and the word I deserve it.

4. Make the 24 hour rule
             This rule helped me when I was building in this way. Because when I want to buy something, I put it off for 24 hours, and during this time I learn how to assess these things. Usually the excitement we experience disappears immediately after a few hours. You imagine the sacrifices you will make when you accomplish them. Like the small savings you have or sometimes we will even borrow the money we will use here. At least in this way we can avoid impulsive buying or bursts of emotion.

5. Set a budget
            Allocate a limit on expenses, know all areas of expenses from food, rent, electricity, water, shopping and other things related to spending. Once you set all of your spending limits, make sure to follow them and do it because everything will be ignored if you don't do it.

I hope this somehow helped us and the community here on the forum.
Other source:
https://www.incharge.org/financial-literacy/budgeting-saving/how-to-cut-your-expenses/
https://www.mymoneycoach.ca/blog/how-to-stop-spending-money-7-tips.html

Despite that I am having some success over the years, I always learn and apply to live within my means. I don’t want to be a guy wearing bling-blings or looking like a rich dude. I am not rich, and I don’t want to be called that. I would rather be wealthy but I am not there. I’m getting there but as a turtle and not a rabbit.

I do manage my budget very well and knowing my limits, but also have to prepare for unexpected circumstances too (e.g., major computer repair, etc). I pay for my health care and accidental insurance every year just in case something happens to me in the future.

We should put more in our assets than liabilities. I mean real world assets if we can afford like land or real estate property. Also to sustain ourselves and grow our net worth, we’ll just put up a lucrative on-demand business (whether traditional or digital) as we cannot keep working ourselves as employees until we retire.

[mirakal]

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

That is a start to help yourself control from having unwanted expenses that might go over your supposed expenses in that particular week or month, it might be not that easy for the starters but that's just the beginning and just like what others say, beginnings are always the hardest and if you can go through that trouble successfully then you're already in for a much easier path because you now know what to do next.

24 hour rule is made to prevent us from buying what we want instead of taking only the priority needs and if you can survive that 24 hour rule then I guess that means that you don't really need that particular object that you wanted.

[letteredhub]

4. Make the 24 hour rule
             This rule helped me when I was building in this way. Because when I want to buy something, I put it off for 24 hours, and during this time I learn how to assess these things. Usually the excitement we experience disappears immediately after a few hours. You imagine the sacrifices you will make when you accomplish them. Like the small savings you have or sometimes we will even borrow the money we will use here. At least in this way we can avoid impulsive buying or bursts of emotion.

This was typical of me and I had to spend money of items and services I real sense of it all never was in need of. After a while I discover it was all a waste and I won't have use for them anymore since the excitement had faded. Although op calls he's "the 24 hour rule", mine is the procrastination strategy which really started working for me curtailing my expenses and saving cost. For everything I want to buy I have to question why am buying it and if I don't have concrete reasons I just walk away saving myself piles of expenses.
Some people just want to impress other people, buying to show off, very few rich people walks out of such lifestyle still remaining rich, majority come out broke with debts.

[khiholangkang]

I particularly liked your point 4. Make the 24 hour rule. I think it’s practicable and if done right, could help put off unnecessary spending.

Irrelevant purchases often happen on a whim and most people tend to give in to those urges to buy what would seem then to be urgently needed.
But if you could just put off buying that item for a while, you would realize you don’t really need it.

I agree, and yes it is true. The 24 hours (or more) you spend wondering and making realizations regarding the product/service you are thinking of purchasing really helps you decide on whether or not it is worth purchasing or not. Most often than not, we things we buy on a whim just end up not giving any value to us, after a few days of use we get tired of it and that's when we realize that we just wasted a good amount for something that did not provide much use to us.

This point is very important if you really want to strictly manage financial flows on a daily basis, even if we only plan what we will buy goods or services for in one day, at least we have a detailed guide to the money we will do. makes it easy for us how much we will spend in total for 24 hours. and it's also important that we prepare contingencies within 24 hours, to cover the margin of error on the plans we have created within 24 hours.
It needs to be understood that this does look complicated, like calculating expenses within 24 hours, but that is just the beginning to form principles in daily money management, after getting used to it, without us having a written plan, we have an image and we know what we have we buy and we don't buy, more precisely we will have limits regarding the use of money in everyday life.

[Mauser]

5. Set a budget
            Allocate a limit on expenses, know all areas of expenses from food, rent, electricity, water, shopping and other things related to spending. Once you set all of your spending limits, make sure to follow them and do it because everything will be ignored if you don't do it.

I think this is the most important and every household should set a monthly budget to better control their finances. Even for people that never looked at their finances in the past this shouldn't be to difficult. Just start at the first of a month and write every expense you have and every time you spend money. Use excel and list every item separately to make a very detailed analysis. In case you mostly spend money via credit cards this is even easier as you can just export your monthly statement. After a month you already have all your expenses listed and you can summarize them into necessary and unnecessary costs. With that number you already have a fixed budget for all necessary items and for the unnecessary items you should try and save as much money as possible from it.